Ok so I planned on making retarded money off this house but just bought this business and just wanna flip this property quick.
3 bedroom with an option for a 4th/office as well as a 5th if you dont mind not having a dining room as the kitchen is huge and can easily accomidate a table.
This house was just completely remodeled inside and out and is ready to go.
Located on a decent st pretty much right across the st from Union College… It’s multi colored but no crime or anything.
Heres the deal… YOU GET APPROVED FOR THE ASKING PRICE OF $65,000 AND THE DAY OF CLOSING I WILL PAY YOU YOUR DOWN PAYMENT AND 1 YEAR OF YOUR MORTAGE IN CASH!! You will be moving into a house for FREE and getting a FREE $10k in cash.
$800 a month which is prolly what I can get for it, maybe more if I make it a college rental though they trash the place comes out to be $9600 a year.
Becuase I dont personally live there I wont be eligible for the “star” program which lowers your taxes ALOT, the taxes yearly would be $3700.
$9700-$3700 = $5900 a year lol
NOW… BECAUSE im selling the house that means im gonna get an apartment somewhere, thinking about harmony mills in Cohoes, they have luxury lofts which are siickkk, pool, hot tub, gyms on every floor, indoor parking with your own storage unit ext… plus everything is included in the rent… Regaurdless the rent is $1,100 a month… Even a shitty apartment in the hood would be $600-700
lets say I went with the shitty $700 apartment in the hood… multiply that $700 by 12 months and you come up with $8400…
In conslusion, renting out my house to RENT some shitty apartment wouldnt even pay for my shitty apartment yearly… If I cant sell it ill just stay in it as I make my own rules, I can do whatever I want to my house and I dont have to worry about rent or being kicked out ext.
I consider myself a pretty smart guy, yet I cant figure out why ANYONE rents out houses in half of the capital region and why people HATE Amsterdam and shit for property and rentals when its literalls only 12 minutes away from sayy rotterdam mall
Albany & Schenectady have cheap properties but taxes are retardedly high
Colonie, clifton park ext taxes are cheap but houses are retardedly expensive… Most of the time itll take you 10+ years to break even on your property.
Places like Amsterdam have cheap ass properties AND cheap ass taxes! You can get 4 unit apartments for less then $20k AND the taxes are like $1,500-2,000 a year!!! You can make your money back in a year or less!!
The taxes in Schenectady on a 4 unit would be $6k-8k!!
You can rent it out for a lot more than that to college students probably. If I remember right, Union is a private college. I lived in an off campus apartment, the whole house was 6 bedrooms and was 460/month per person. So It was 5500 a year per person. Our landlord made 30k give or take from our property, subtract tax and such obviously. I doubt the landlord paid more than 150k for that house, so in a few years, it pays off bigtime.
This makes RPI kids look stupid to rent off campus, but on campus living (the cheapest) is 6500/year. So while its still extremely expensive either way, the apartment works out better.
My point, I think you could make a killing off renting to college students. I intend to own property near RPI some time after I graduate to rent.
I use the private college comparison just to give an idea of what kids are willing to pay and because I haven’t the slightest idea of what Union actually charges for campus living. I’m gonna guess its similar though.
even if you find the nerdiest, most respectful females out there, they are eventually going to have a party and someone of lesser moral fiber will show up to put holes in the wall… etc.
Taxes are a lot higher than what you quoted for Amsterdam. Any multi family for less than 100k is still going to run you 3500+ a year. I looked at one for 80k and Coldwell had the tax at 5800… maybe you know something I don’t, but last I knew Amsterdam was easy 3g+ compared to certain areas at less than 2g
I suppose I DO know something you dont know… I go for the real cheap shit. Shit that I can start making money off of ASAP. $80k is not a good investment imo unless you personally are living there. I was going to buy a 4 unit in Amsterdam for $17,000… Needed about $6k worth of work making the total investment $23k… The taxes were $1,800 a yr… All apartments were 2br… Charge $600 a month for the 4 units and youll be bringing in $28,800 a year minus $1800 for taxes which comes to $27,000! BAM ni99a, your making money in your first year!!
I looked into this unit like 6 months ago, but it was a pos, needed like $10-12k… thats a biiigggg motherfucking building though… Lots of money to be made there… Taxes iirc were less then 3k… Owner would take $25k for this building at this point, probably even less if cash.
